How to PreScreen Contractors to Build a Dream Team to Get the Job Done! By Robyn Thompson

Many real estate investors shy away from the ugly house business because they fear hiring contractors. We have all heard the horror stories of rehabbers who loose their shirt because a contractor took them to the cleaners.

I am here to tell you that contractors can be your worst enemy or your best friend, depending if you hire a good one or a bad one. So how can the beginning novice real estate investor make the correct choice- the hard working team player that gets the job done on time, on budget and at a high standard of quality? The answer is by following all eight of the critical prescreening steps below.

1. Ask the contractor you are interviewing, how long they have been in the business? I prefer at least five years of experience in the trades. I want a contractor who has seen and repaired every strange, odd, and crazy thing that could be wrong with a house. Experienced contractors know how to estimate all tough projects and experienced professionals can give an accurate price to fix any problem.

Inexperienced contractors, on the other hand, under estimate repairs to get the business, and then they try to push their mistake on the home owner by upping the price half way through construction. The investor needs to say NO. NO is the most powerful word in the dictionary, and a rehabber needs to use this tool. If they did not have the knowledge to make a good estimate, it is there problem not yours.

2. Ask for three references from the last three major projects that the contractor has recently completed. Once you receive the reference letters, make sure you call to verify the references and the quality of the workmanship performed. The quality of work should be satisfactory to the homeowner and should have been completed in a timely manner.

If any of the references don’t checkout, do not hire this contractor. If they gave you false information upfront, you know they can not be trusted. Move on to the NEXT quote.

3. Ask for a copy of the contractor’s license (if required in your state) and for a copy of their workman’s comp insurance. Once you receive a copy of their license, make sure to check that they are not suspended. Also check to see if any complaints have been filed against the contractor with the Better Business Bureau.

It is absolutely mandatory that a contractor prove that he or she has workman’s comp for all the employees that will be working on the job site, before they start renovations. Why is this so important? Well, if one of the workers has an accident, you do not want to be sued as a potential employer.

4. Make the contractor pull all necessary permits required by your local building department. The homeowner should NEVER pull the permits. The contractor should also be responsible to pass all necessary inspections required throughout the construction process so a certificate of occupancy (CO) can be obtained when construction is complete.

5. The real estate investor should make it mandatory for all contractors to buy all necessary materials to do the renovations. The investor should never waste their valuable time buying materials. If the investor buys the materials, the workers could be viewed as the home owner’s employees per the IRS guidelines. You do not want this.

6. The real estate investor should always demand a six month to one year warranty of all parts, labor, workmanship, and materials provided by the contractor. This warranty should be in writing. WARNING: If a contractor will not provide a warranty and stand behind the quality of his or her workmanship- DO NOT hire them!

7. Real estate investors should never agree to pay any contractor by the hour. You pay a fixed price for the complete job. Never pay the final payment in your independent contractor agreement until the project is 100% complete.

8. Ask for financial references (ex: where the contractor purchases materials). I will contact the supply houses to make sure the contractor is not behind on paying for materials because I do not want to give the contractor a check to payoff an old bill and they have no money for the materials they need to buy for my job.

The last words of advice that I can give to anyone beginning a renovation project is to make sure every agreement with a contractor is detailed in writing with an independent contractor agreement. A detailed list of materials required should be listed in comprehensive scope of work. The documents should have work completion time frames, penalty clauses for finishing late, require all permits be pulled and inspections completed before final payments are released.

Who Is Robyn Thompson?

Robyn Thompson is the nations leading expert on buying, renovating and selling homes for huge chunks of cash and is known throughout the United States and Canada as “The Queen of Rehab”.

After spending 9 years working a dead end corporate job, Robyn realized that her hard work and dedication for IBM was not going to provided financial independence. She walked away from her secure paycheck and never looked back.

Over the past 14 years since Robyn left IBM, she has bought, fixed and sold 340+ homes with price ranges as low as $8,000 to as high as $3,500,000. She has spent as much as $2,100,000 in labor and materials in one year to renovate properties with more than 22 contractors working full time to take the ugly homes she bought and turn them into little castles at lightening speed.

Robyn will be sharing her strategies on: 1) How to find the profitable homes that need renovated, 2) How to find and control the contractors to get the job done and 3) Selling houses quickly for huge chunks of cash.

Robyn has taught thousands of students throughout the United States how to become financially independent. She has shared the stage with Donald Trump, Dr Phil, Mark Victor Hansen, Ron LeGrand, Marshall Sylver & many more legends.

Robyn uses her success in the real estate business to help those less fortunate. The most critical construction project that Robyn completed was an orphanage in one of the poorest countries in the world for 165 children.

Robyn presents the most up to date strategies for buying low and selling high to ensure large profits and that is why she is one of the most high demand speakers in the nation.

December Meeting – Protecting Your Business

jeff Thanks for attending the UVREIA Meeting last December!

I’m Jeff Breglio of Breglio Law Office. And it was an honor to speak with you!

As a reminder, or if you missed my presentation, below is a list of the topics we covered.

I spoke regarding all the things that small business owners need to do to keep their company in good legal standing–and thus PROTECTED. It’s NOT enough to just file articles with the state. You need a complete set of documents AND continue to run the business according to the rules.

The main three rules you need to remember are:

1. Business = Business; Personal = Personal; and never the two shall meet!

2. All deals and contracts must be Arm’s Length! No inside dealing!

3. Wear the correct hat! Always act in the proper capacity!

It may seem like a lot, but you can do it. And my office and I are always happy to help you do it. We do more than just create legal forms, we consult with you every step of the way. We have a ton of information on our website, www.bregliolaw.com, so check us out and get educated!

OUR JOB IS TO MAKE YOU SUCCESSFUL!

Here’s the list of Good Corporate Governance:

  1. Forming the Correct Entity: Set it up correctly creates a solid base!
  2. Complete Set of Entity Documents: Including Operating Agreements and EINs!
  3. Hold Your Meetings: Initial, Quarterly, Annual and Special!
  4. Document Everything: Minutes, Records, Notes, Receipts and Invoices!
  5. Adequately Capitalize Your Business!
  6. Keep Proper Books: Don’t commingle funds!!!
  7. Pay Quarterly Taxes
  8. Properly Create and Sign Contracts
  9. Always Represent Yourself as Your Entity!
  10. Handle Employees and Independent Contractors Appropriately!
  11. Have Professional Insurance
  12. Hire Legal Counsel, Accountants and Financial Advisors

The devil is in the details, so they say. And it’s true. Please contact our office if you have any questions. You can always get a FREE 15 minute consult. All you have to do is click this link and SCHEDULE A TIME!

You can always reach us or schedule a meeting or visit our Education Center or Form an LLC or Own Forms at BreglioLaw.com.

Evening Meeting – Buying Properties with Creative Financing

Mark Torok, principal of the Torok Law Firm P.C., which represent real estate investors for real estate, asset protection, securities and estate planning, will be sharing his secrets on Buying Properties with Creative Financing. RSVP NOW!

Mark has closed over 300 transactions and represents some of the largest investors in Texas. He is an active real estate investor and currently owns over 700 units. Bring your pen and notepad and be ready to learn the tactics of the pros.

Mark Torok will cover the following:

  • Contracts
  • Real Estate Trusts
  • Investor Survival Kit
  • Subject To Training
  • Defend and Protect
  • Ring of Excellence

Mark’s real estate expertise is in owner finance and subject to transactions, and in creative ways to get the deal done. He is an active speaker throughout Texas and has presented seminars and boot camps and talks on real estate, asset protection and the laws of Texas, including lease options, contract for deed, the Texas S.A.F.E Act, and the myths and truths about other gurus’ programs. RSVP NOW!

When he’s not working, Mark likes to fish, hunt and spend time at his house on Oso Bay in Corpus Christi, Texas.

Make sure to bring your friends, family and anyone else that is interested in Real Estate. Everyone is welcome! RSVP NOW!

FREE for UVREIA Silver Members
$10 for Guests
First time guests are free to attend

Administrative Assistant Opening

The Utah Valley Real Estate Investors Association is a professional networking association for real estate investors and professionals in and around Utah County. Our primary purpose is to help investors find the resources they need to succeed investing in real estate.

The administrative assistant will work directly with the President to help manage the day to day operations of the association.


Responsibilities

– Answer phone calls and check messages
– Manage email correspondence
– Update member information and manage association membership list
– Help plan and prepare monthly meetings
– Attend monthly meetings to help with setup and announcements
– Take credit cards and payment details for memberships, sponsorships, etc
– Call members to sell products and services offered by the association
– Coordinate with committee and volunteer members
– Calendar management and appointment scheduling
– Manage the blog and social networking
– Manage Advertising Systems including
    – email newsletters
    – blogging
    – social networking campaigns

Benefits

– Flexible Hours
– Great Training
– Significant recognition and exposure
– Learn from and network with the top real estate experts in Utah

Requirements

– Outgoing, confident, professional, people person
– Strong Organization Skills
– Proficiency with Microsoft Office
– Mostly available during business hours
– Flexibility to work after hours
– Experience with social networking
– Strong writing skills. You will be writing daily.

December 2011 Lunch Meeting

HOW TO FIND MOTIVATED SELLERS

December 2011 FREE Networking Meeting in Orem

FREE EVENT. Friday, December 9th, 2011, 12:30 PM at Golden Corral in Orem – 225 West University Parkway, Orem, UT – RSVP NOW

What is the most important thing that INVESTORS NEED in order to make as much money as they want?

If you said the ability to consistently FIND find motivated sellers, you are absolutely right. Nothing in real estate could be more important than being able to find deals over and over again.

Alan Brymer, full-time real estate investor and content expert, invested in his first property at the age of 22 and has done millions of dollars in real estate transactions since. He is a frequent guest expert for the news media and has been a guest speaker at seminars and associations around the country.

You do not want to miss this meeting! Come network and discuss current topics related to Real Estate Investing. Find deals, partners, contractors or just sit back, meet like minded individuals and eat some good food!

Make sure to bring your friends, family and anyone else that is interested in Real Estate. The person that brings the most guests will win a free lunch (minimum 2 guests to . Everyone is welcome and it is completely free to attend.

When: December 9th, 2011 from 12:30pm to 2:00 pm.
Where: Golden Corral in Orem, Utah.
225 West University Parkway, Orem, UT

RSVP NOW at http://www.facebook.com/events/165566270199899/

November 2011 FREE Networking Meeting

November 2011 FREE Networking Meeting
Wholesaling and How to Make Money Investing in Real Estate with Little to No Cash

FREE EVENT. Come network and discuss current topics related to Real Estate Investing. Find deals, partners, contractors or just sit back and meet new people and eat some good food! RSVP NOW

We will be discussing Wholesaling and how to make money with little to no cash. We will also be discussing our 2012 schedule. RSVP NOW

The UVREIA now has over 650 members with each having their own expertise in real estate investing, sales, rehabbing and more. This will be a great time to meet new contacts. RSVP NOW

Make sure to bring your friends, family and anyone else that is interested in Real Estate. The person that brings the most guests will win a free lunch. Everyone is welcome and it is completely free to attend.

Food can be purchased from Sizzler but is not necessary to attend. RSVP NOW

When: November 11, 2011 from 12:30pm to 2:00 pm.
Where: Sizzler in Orem, Utah.
1240 South State Street Orem, UT 84097-8231

RSVP NOW at http://www.facebook.com/event.php?eid=257752384270371

Newsletter Summer of Fun

To see the entire Newsletter: Summer of Fun go to the BLOG section on the Menu bar on the left. (This is only page one)

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The Harley-Davidson Networking Event Was Great

Special Thanks to Everyone Who Attended the July 9th Meeting!

We had great fun, connecting with all of you. A big thank you to Rick Story at the Harley-Davidson building for hosting our meeting and cooking all the great food! Scroll down to find your photos, all you need to do is pull and drag them to your desktop.  If you have any questions, email us at: contact@uvreia.com

 

 

 

 

 

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